India, June 29 -- UK businesses will benefit from greater certainty and stability as the UK reached a common understanding with G7 partners on international tax rules.
The agreement addresses how the US and global minimum tax rules will interact with a view to supporting the common objective of tackling multinational tax avoidance and creating a more stable international tax system.
The agreement has helped secure the removal of Section 899 from the One Big Beautiful Bill which could have led to substantial additional tax on UK business.
Talks to address US concerns on the global minimum tax can now continue without the backdrop of this new retaliation measure.
The removal of section 899 follows UK businesses having voiced significant c...